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Latest Insurance Talent Perspectives

The Human Element of AI Transformation

Discover ways to effectively navigate through AI transformation. Only 4% of companies say they’re creating real value from their AI investments. The key differentiator is how well organizations manage the human side of implementation. 

Download the white paper to explore best practices for taking a human-focused approach as you lead through change.

Competing for Technology Talent

Technology talent continues to be in high demand as insurers work to enhance customer experience, increase operational efficiency, personalize their offerings and compete in a quickly evolving environment.

Read our blog post for ways to be strategic and intentional in overcoming this talent challenge and effectively appealing to candidates within the technology space.

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Management Techniques for CAT Season Success

As we continue through CAT season in the midst of a global pandemic, being prepared for the unknown is more important than ever. In order to best accommodate unforeseen circumstances and increased workloads, claims departments are leveraging hybrid teams that include a variety of employment types, including full-time and part-time employees, as well as interim resources. However, for these teams to be truly effective, insurers must understand how to best manage their blended teams. Even as restrictions begin to lift and individuals physically return to the office, it’s likely many of your employees are working remotely for the foreseeable future. It’s vital that all employees, whether they are full-time or interim, remote or onsite, are able to effectively work together in a well-organized and productive way that best services your customers. Recently, Karen Lopez, client advisor at The Jacobson Group, shared how claims managers can best support blended teams during CAT season. In her Insurance Journal article, “Managing Blended Teams for CAT Season Success,” she shares several best practices for remaining productive during this unpredictable time. Be strategic. Determine what you are trying to accomplish and build the right team to get you there. Include full-time employees in the process. Ask about their pain points and explain how new team members will complement their current jobs. Set clear expectations around roles and responsibilities. This will help you avoid future misunderstandings and mitigate potential conflict. Develop a comprehensive onboarding plan for all employee types. Welcome individuals to the organization and make sure they are set up for success from day one. Help all employees feel included, supported and involved. Consider how your communication channels may need to evolve to accommodate various employment types and locations. Immerse all employees – even freelancers and contract employees – in your team and company culture. This helps instill a sense of ownership and purpose. To read the full piece and learn more about how to maximize the potential of a blended workforce, click here.

People Analytics in the Age of COVID-19

Published in Insurance Journal Insurance organizations have recently been navigating a number of talent shifts. Data and analytics can provide the insights necessary for navigating next steps and making informed talent decisions as organizations move forward in the new reality

The Need for Risk Storytellers

As the business world adapts and flexes its collective muscle in the Age of COVID-19, there’s an increased focus on risk, data and communication. Chief risk officers and risk managers are emerging as in-demand and essential positions, and risk expertise is actively sought in the boardroom. Functions within the realm of risk management, such as data analytics, enterprise risk management and actuarial are also moving up many organizations’ “must have” priority lists. Risk management was in high demand even prior to the pandemic, with cybersecurity being one of the most pressing concerns. In 2019, Deloitte’s annual risk management survey found 95 percent of financial institutions employed chief risk officers, a number that has increased through the years. Additionally, 83 percent of the survey respondents said they have an enterprise risk management program in place; 10 percentage points higher than in 2018. The Bureau of Labor Statistics predicts financial managers, the category under which risk managers fall, will grow by 16 percent between 2018 and 2028, and that actuarial roles will increase by 20 percent within the same timeframe.Especially in today’s turbulent times, strong human skills enable risk management professionals to thrive. The ability to tell a story around data and translate complex concepts to a variety of stakeholders is invaluable. Additionally, human skills are necessary for leaders to inspire and guide their teams as priorities and processes shift.Beyond Functional SkillsAs the business climate continues to evolve, there are a number of non-functional skills that will set the most successful professionals apart. While strong math and analytical skills are of utmost importance, those within the risk management discipline must effectively convey numbers and insights in a way that inspires action. This includes understanding how information fits within an organization’s larger story and articulating the key details necessary to help companies and individuals get out ahead of risk. Storytelling has the potential to make information 22 times more memorable than if it were delivered as facts. By understanding an audience’s perspective and combining empathy with data, professionals can resonate with stakeholders on both a rational and emotional level.Within leadership, the VUCA landscape has been a topic of conversation for some time; however, it’s never rang truer than now. Economic uncertainty, combined with new and existing modernization projects and enhanced automation, makes strong and empathetic leadership vital. Today’s risk management leaders must have the human skills necessary to confidently guide and inspire their teams in these Volatile, Uncertain, Complex and Ambiguous times.   Vision – Embrace the vision of the organization and your department. Create clarity around your true north and what does and doesn’t align. Understanding – Seek out and strive to understand alternative points of view, working to appreciate where individuals are coming from. Courage – With constant shifts and new information, be able to boldly move forward in ambiguity. Adaptability – Be flexible and agile and inspire it within your teams. Perhaps now more than ever this will set the great leaders apart. It’s not just those in leadership roles who can benefit from sharpening their human skills. Even as restrictions lift, it’s likely remote work will continue in some form and present new challenges. Modernization projects will move forward, and existing processes will be overhauled as enhanced automation is adopted. Strong human skills are beneficial to all risk professionals as they navigate the shifting climate and hone their storytelling skills.Communication: The ability to communicate clearly and concisely has always been important. Yet, in light of the pandemic, communication methods and channels are shifting. Professionals are demonstrating their abilities to translate technical concepts and engage an audience over email, phone and video conferencing.Collaboration: The business community is coming together to share information and best practices. Additionally, many individuals may need to work across departments or reach out to experts outside of their organizations to gain input and expertise. Agility: There is no business as usual. Expectations, priorities and information are continuing to evolve. Risk management professionals must be nimble and able to quickly redirect their focus as needed.Transparency: Especially in a virtual environment where impromptu conversations are less likely to take place, being candid and erring on the side of overcommunication is key. By being transparent, individuals can build and maintain the trust necessary for strong working relationships.Empathy: Being able to connect with colleagues, clients and other stakeholders on a more personal level can build strong working foundations. This includes asking how people are doing before diving into business, along with assuming everyone has positive intentions.If you are growing your risk management team, once you’ve confirmed candidates meet the technical requirements for the role, shift your focus to their human skills. Ask questions around how they solve problems and convey those solutions to stakeholders. Inquire about how they hone their communication and storytelling skills and how they’ve responded to any mishaps that have occurred as a result of miscommunication. How do they coach team members to use their critical thinking skills or respond to changing priorities? Being able to tell a story around data and effectively conveying information to leadership and other stakeholders will enable those within risk management to thrive. It’s important for leaders to develop their own skills, while also providing opportunities for other individuals to grow. By emphasizing human skills, teams will be best positioned to move forward and rise to future challenges.

Managing Blended Teams for a Seamless CAT Season

Published in Insurance Journal: By leveraging blended workforces, which include a variety of employment types, insurance companies are best equipped to accommodate shifting priorities and workloads while providing seamless service to their customers.

How to Create a Compelling Job Post

Published in PropertyCasualty: While recruiting and hiring have evolved over the years; and fairly dramatically in just the past few months; insurers don't always give the same attention to their job postings. Templated listings or outdated formats may not present the compelling first impression you need to engage top insurance talent.

Boardroom View 2.2: Boards and the Post-Pandemic World: Paving a New Way Forward

Insurance organizations' responses have aligned to the change curve and ways boards can provide guidance as companies move to the later stages of the curve. This issue's feature article explains how boards can best support their CEOs as they position their organizations for success in the new landscape.

Creating Compelling Job Postings

While many aspects of recruiting and hiring have evolved over the years (and fairly dramatically in just the past few months), employers don't always give the same attention to their job postings. If your team has been using templated listings or doesn’t remember the last time they’ve made updates to language and format, it may be time for an overhaul. Take a fresh look to make sure you’re presenting your open positions in a way that is effective in attracting the right talent. Especially now, when networking and face-to-face interactions are limited, a job posting may be someone’s first introduction to your company. What do you want them to take away as a first impression? Are you capturing the values and culture of your organization, or do your postings seem flat and generic? Here are a few best practices to keep in mind to ensure your posts are as compelling as possible. Focus on the candidate. Instead of approaching the job from the perspective of the company and what you are looking for in an employee, consider what’s in it for the candidate. What sets your role apart from other similar positions? What will they gain if they join your team, and how will their professional needs be fulfilled? Make it readable. Today, most individuals are scrolling job openings from their phones. While dense blocks of text may be acceptable on desktops, think about how you can make your content more mobile-friendly. Include white space, headers and bullets. Additionally, don’t make your posts too long, as you’ll lose the reader’s interest. Stick to the vital information, rather than pasting in paragraphs of boilerplate copy. Use inclusive language. Be proactive in ensuring your postings are inclusive of all qualified prospects. Often posts unintentionally exclude certain groups of people by using gendered language, unnecessarily limiting geographic locations, or listing required skills that can be easily learned on the job. For instance, ZipRecruiter found 91 percent of finance and insurance job listings use words that are considered gendered. This could be using terms such as “ninja” or phrases about the company’s “dominance in the marketplace” versus the more neutrally phrased “excellence in the marketplace.” Edit your list of requirements. It can be easy to go overboard when putting together a list of requirements for a role. However, is each one really necessary for success? An expansive list of requirements and experiences may seem like it will help bring in the best person for the role, but it’s more likely it will do the opposite, by limiting applicants. Take time to reevaluate what is truly needed for someone to be successful in the position and focus on three to five “must haves.” Focus on skills. Recruit for the role’s required skills, rather than experience. For instance, if you’re searching for a customer service professional, instead of requiring a specific number of years working in customer service, you could highlight communication and problem-solving skills. This might open the door for individuals who have the right skills, even if they lack the exact former job titles. Tell a compelling story. In addition to sharing requirements and responsibilities, how can you incorporate your company’s personality and values? Has the posting been updated since it was last filled? Is everything still relevant and does it convey your company’s brand and voice? Rather than list the responsibilities of the role, share how the position impacts the company and its customers. Help applicants understand how they would be a part of something larger. Be creative. All job postings don’t have to look the same or follow a standard format. Don’t be afraid to stand out from the crowd and be creative. Consider how you can get the attention of the right individuals. For instance, if the role requires creativity and innovation, channel that as you write the description and explain the role. Update your post regularly. Continue to evolve your post as needs change or to adapt to the response it is receiving. If your job posting isn’t attracting the candidates you’d hoped, or if you are not getting many applicants, make adjustments. You may also consider including information about remote onboarding or expectations around returning to a physical office, depending on office openings and procedures. Reach the right individuals. While promoting positions on your website, external job boards and social media is important, also enlist thought leaders to help expand its reach. If there are influential people you respect within the space – especially if you have an existing relationship with them – ask if they would mind reposting or sharing the open role with their network. By reimagining your job postings, you’ll be able to better convey your employer brand and communicate the value of the role. Rather than viewing your postings as a formality or template, consider how you can give them new life, appeal to the right talent and set yourself apart from the competition.

Contributing to Company Culture Remotely

Now that organizations have been operating virtually for a few months, some of the initial novelty has worn off. Professionals are settling into their home offices and adopting new norms and expectations for operating in the current state of business. As the remote work environment becomes commonplace, it’s important to revitalize your role in propelling your organization’s corporate culture. While your company may have a thriving in-office culture, perhaps it hasn’t fully translated to the virtual environment. Or maybe it’s become deprioritized as your colleagues balance a shifting plate of responsibilities. On the other hand, it’s possible your organization has developed a strong remote culture and you’re not contributing as much as you’d like, due to time constraints or other priorities. If you’re feeling disengaged or unmotivated, connect with your coworkers on a personal level and reinvigorate a sense of team and shared purpose. Here are a few ways you can contribute to company culture remotely. Overcommunicate. One of the cornerstones of successfully working remotely is communication. How often do you check in with your teammates? Whether you’re a seasoned employee or new to the organization, find out your team members’ preferred methods of communication. Are they open to impromptu calls or would they rather have time to prepare their thoughts? Is a quick note over Skype effective, or would they prefer email? Do they look forward to video calls to help recreate a more traditional face-to-face office environment? Make sure you’re touching base with your immediate teammates and manager several times a week to help strengthen those relationships, even if it’s just to say hello. Participate. Think through the opportunities that might currently be available to you. Is your company periodically hosting virtual happy hours or lunches? It can be easy to start filling this time with work projects or other obligations. However, you can help cultivate a positive company culture and engage with your colleagues by participating at least periodically. Additionally, contribute to all-company message boards or instant message chains. By making these interactions a priority, you’ll build stronger bonds with colleagues throughout the organization. If you’re a newer employee, these opportunities are especially valuable and enable you to interact with individuals you may otherwise not meet. Share your ideas. At the same time, if your company isn’t already holding virtual events, speak up! Offer to host a themed happy hour via Zoom, or start a Skype conversation around at-home activities or favorite TV shows and books. Encourage healthy competition by starting a steps or hydration challenge. Discuss your ideas with your team or manager and work to proactively build your company’s culture and sense of camaraderie. Understand your company’s values. Take a fresh look at your company’s mission, vision and values. While it may be easy to pinpoint in-office activities that help promote these values, are there certain ways they are reflected remotely? How are your day-to-day interactions contributing to strengthening these values? If you’re unsure, perhaps enlist your manager or other team members to start discussing how these values can be better realized within your work. Share your calendar. Most employees are working a variation of their standard 8 a.m. to 5 p.m. office hours. Perhaps you’re taking advantage of no commute and clocking in early, or you’re working more fragmented days to help accommodate the needs of your family. Be transparent with your schedule and set boundaries based on your current situation. Consider sharing your calendar with your team and others you work with closely to increase transparency and build trust. Ask for help. If there are individuals within your company who are accustomed to working from home, don’t hesitate to ask for their advice. Send an email with specific questions or set up a virtual coffee date to discuss how they’ve overcome challenges and stayed connected. It can be difficult to go from a busy office environment to a quiet work-from-home set up. Seek insight from those who are more experienced. Be present. It can be tempting to multitask when you’re not meeting in person, especially during conference or video calls. However, by remaining present in the conversation, you’ll not only better absorb the information, you’ll also show your colleagues that you value their time and perspectives. Make sure you give them your full attention, similar to how you would during in-person meetings. Additionally, try to set aside some of the meeting time to check in and see how everyone is doing from a personal standpoint. While the office environment has dramatically changed in the past few month, corporate culture remains vital for engagement and overall job satisfaction. All employees play a role in cultivating and contributing to their company’s culture. By taking even small steps, you can help build a strong remote culture and continue to advance your company’s values.

Insurance Talent Beyond COVID-19

Insurance organizations are looking beyond their immediate circumstances to how they must transform in the coming months and years. As insurers develop strategies for the post-pandemic reality, a number of talent-related shifts should be considered for a comprehensive approach.

The initial effects of COVID-19 on insurance employment

Published in PropertyCasualty360 As of May 2020, the insurance sector has not experienced the mass layoffs seen in the greater economy. Though our April Survey of the Current Insurance Labor Market showed insurers were making some changes to their hiring plans, they were relatively minimal in comparison.

Creating a Culture of Inclusion That Attracts and Retains Talent

Published in IA Magazine: Insurers that work to increase company diversity tend to experience benefits like more effective decision making, enhanced problem-solving and even increased revenue. However, these improvements are not solely from achieving a diverse hire quota and result from intentional and thoughtful inclusion efforts.

Creating a Culture of Inclusion that Attracts and Retains Talent

In an Independent Agent article, Brett Carter discusses how organizations can sustain inclusive cultures and create the leaders of tomorrow.